Nifty IT | CMP: 33,702
The index made its all-time high (ATH) in December 2024 and has since been in a structural decline. After hitting a low in April 2025, it has been moving within a parallel channel, testing the upper boundary in June 2025.
Support Zone 1 (31,230–30,575):
This level has repeatedly acted as both supply and demand. It provided resistance in Nov 2022 and Feb 2023, later turning into strong support in Oct 2023, June 2024, and Apr 2025. A retest of this zone cannot be ruled out, but if it fails to hold, the price may drift lower towards the next critical zone.
Support Zone 2 (26,399–25,499):
This is the most significant demand area, created largely during the consolidation phase between Jan–May 2021, and reinforced in Jun/Jul 2022, Sept 2022, and Apr 2023. Post this accumulation, the index witnessed a sharp rally to its last ATH.
These two zones together formed a broad rectangular base between Jun 2021 – Aug 2023, which provided strong momentum to the bulls.
The period from Mar 2020 – Jan 2022 was exceptional for the bulls, driving prices far ahead of valuations. While this resulted in the ATH, the subsequent correction was inevitable as disparity levels stretched excessively. The ongoing correction is essentially a healthy cooling-off phase before the next sustainable move.
That said, this entire consolidation and corrective cycle may still take another 1–2 years to fully play out.
The index made its all-time high (ATH) in December 2024 and has since been in a structural decline. After hitting a low in April 2025, it has been moving within a parallel channel, testing the upper boundary in June 2025.
Support Zone 1 (31,230–30,575):
This level has repeatedly acted as both supply and demand. It provided resistance in Nov 2022 and Feb 2023, later turning into strong support in Oct 2023, June 2024, and Apr 2025. A retest of this zone cannot be ruled out, but if it fails to hold, the price may drift lower towards the next critical zone.
Support Zone 2 (26,399–25,499):
This is the most significant demand area, created largely during the consolidation phase between Jan–May 2021, and reinforced in Jun/Jul 2022, Sept 2022, and Apr 2023. Post this accumulation, the index witnessed a sharp rally to its last ATH.
These two zones together formed a broad rectangular base between Jun 2021 – Aug 2023, which provided strong momentum to the bulls.
The period from Mar 2020 – Jan 2022 was exceptional for the bulls, driving prices far ahead of valuations. While this resulted in the ATH, the subsequent correction was inevitable as disparity levels stretched excessively. The ongoing correction is essentially a healthy cooling-off phase before the next sustainable move.
That said, this entire consolidation and corrective cycle may still take another 1–2 years to fully play out.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.